The cryptocurrency market witnessed a series of groundbreaking events on November 13, 2024, marking a pivotal moment in its evolution. From Bitcoin’s unprecedented surge to regulatory shifts and technological advancements, the day was replete with developments that could shape the future of digital assets. Below is a comprehensive overview of the top events that defined the day.

Bitcoin Surpasses $93,000, Setting a New All-Time High

Bitcoin (BTC) achieved a historic milestone by surpassing the $93,000 mark, reaching an all-time high of $93,458. This surge is attributed to renewed investor confidence and expectations of favorable regulatory policies under the newly elected administration. The rally has been further fueled by increased institutional adoption and the anticipation of Bitcoin exchange-traded funds (ETFs) gaining approval. Analysts suggest that this bullish momentum could propel Bitcoin towards the $100,000 threshold in the near future.

Dogecoin Soars Nearly 20% Following Government Efficiency Department Announcement

Dogecoin (DOGE) experienced a significant surge, rising nearly 20% after President-elect Donald Trump announced the creation of the “Department of Government Efficiency” (DOGE), to be led by Elon Musk and Vivek Ramaswamy. This new department intends to improve government functionality, curb excessive regulation, and reduce wasteful expenditures. The announcement caused Dogecoin’s value to spike, trading at 42 cents and reaching a market capitalization of nearly $60 billion. Since the beginning of the year, Dogecoin has surged by 353% and increased 106% since Trump’s election victory over Vice President Kamala Harris.

Ethereum Approaches $3,400 Amid Market Rally

Ethereum (ETH) followed Bitcoin’s lead, climbing to $3,390.58, reflecting a 35% increase since the November 5 election. The surge is driven by optimism surrounding potential regulatory support for cryptocurrencies and the growing adoption of decentralized applications (dApps) on the Ethereum network. Developers are particularly enthusiastic about upcoming network upgrades aimed at enhancing scalability and reducing transaction fees, which could further bolster Ethereum’s position in the market.

BlackRock’s Tokenized Fund Expands to Multiple Blockchains

BlackRock announced the expansion of its tokenized government securities fund, BUIDL, to additional blockchains, including Aptos, Arbitrum, Avalanche, Optimism, and Polygon. This move aims to enhance accessibility and interoperability, allowing investors to engage with the fund across various blockchain ecosystems. BUIDL currently leads the tokenized government securities market with $517 million in assets under management, reflecting growing institutional interest in blockchain-based financial products.

DOJ Seeks Seizure of $16M in Crypto Linked to FTX from Binance

The U.S. Department of Justice (DOJ) filed a motion to seize $16 million in cryptocurrency linked to the defunct exchange FTX, currently held on Binance. The funds are believed to be proceeds from fraudulent activities conducted by former FTX executives. This action is part of a broader effort to recover assets for creditors and investors affected by FTX’s collapse. The case underscores the complexities of tracing and reclaiming digital assets in the aftermath of crypto-related fraud.

Bitcoin Lightning Network Reaches All-Time High in Capacity

The Bitcoin Lightning Network, a second-layer solution designed to enhance transaction speed and reduce fees, reached an all-time high in network capacity. This milestone highlights the growing adoption of Lightning for microtransactions and everyday payments. The network’s success is attributed to its scalability and utility in facilitating faster Bitcoin transactions. Experts predict further growth as more businesses and platforms integrate Lightning into their operations.

Gainers and losers of the day

Cryptocurrency market has experienced notable fluctuations. According to CoinGecko, the top five gainers and losers over the past 24 hours are as follows:

Top 5 Gainers:

Bertram The Pomeranian (BERT): Increased by 2,057.2%, currently priced at $0.03981 with a 24-hour trading volume of $28,538,980.
Obi PNut Kenobi (OPK): Rose by 911.0%, now trading at $0.04155, and a 24-hour trading volume of $40,076,665.
First Convicted RACCON (FRED): Gained 751.5%, priced at $0.2864, with a 24-hour trading volume of $257,794,497.
Dora Factory (DORA): Up by 447.4%, currently at $0.2308, and a 24-hour trading volume of $53,978,629.
Shoggoth (SHOGGOTH): Increased by 219.2%, trading at $0.08090, with a 24-hour trading volume of $26,093,540.

Top 5 Losers:

Wexo (WEXO): Decreased by 43.3%, now priced at $1.40, with a 24-hour trading volume of $410,746.
STRATEGIC BITCOIN RESERVE (SBR): Dropped by 28.0%, trading at $2.00, and a 24-hour trading volume of $16,489,499.
Hive (HIVE): Fell by 24.1%, currently at $0.2341, with a 24-hour trading volume of $281,514,193.
NetMind Token (NMT): Down by 20.3%, priced at $1.95, and a 24-hour trading volume of $4,159,959.
Drift Protocol (DRIFT): Decreased by 19.6%, trading at $1.22, with a 24-hour trading volume of $234,576,171.

These figures highlight the dynamic nature of the cryptocurrency market, emphasizing the importance of thorough research and risk management when engaging in crypto trading.

The Most Important Cryptocurrency News of November 13, 2024: Conclusion

November 13, 2024, was a monumental day for the cryptocurrency market, marked by Bitcoin’s historic all-time high, regulatory advancements, and technological breakthroughs. From institutional adoption to cross-chain interoperability, these developments highlight the industry’s resilience and innovation. As cryptocurrencies continue to gain traction, these stories underscore the transformative potential of blockchain technology in reshaping global finance and technology. The future of crypto looks brighter than ever, with the community eagerly anticipating what lies ahead.